With the opening of Binance Japan K.K., the leading cryptocurrency exchange Binance has formally entered the Japanese market.
In a statement dated Tuesday, Binance said that with 30 tokens readily available for spot trading, it already gives Japanese cryptocurrency traders access to more marketable tokens than any other exchange.
A strong and durable Web3 ecosystem can be built in the nation thanks to its commitment to technological advancement and growing interest in blockchain technology, according to Binance’s announcement.
Sakura Exchange BitCoin (SEBC), a Japanese cryptocurrency exchange that Binance bought in November 2022, is essentially what Binance Japan is now called.
At the time, the acquisition was positioned as the first step in Binance’s planned, controlled entry into Japan.
In order to move to the new Japanese platform, current Japanese users of Binance’s global platform are advised to wait for a separate announcement, according to Binance.
CZ made a statement last week.
Binance CEO Changpeng Zhao (CZ) made the initial announcement on the formal opening of Binance Japan last week at a Web3 conference in Japan.
In the letter, CZ lauded Japan for its friendly regulatory environment, openness to innovation and the innovative industry, and designation as “a flagship leader” in the field.
The expansion of Web3 enterprises is now a priority for Japan, according to Prime Minister Fumio Kishida, who spoke by video at the same conference.
The prime minister proclaimed in front of the audience that “Web3 is part of the new form of capitalism.”